Dear Sir,
It is better to get share of your father without determining particular portion of your father the gift deed may not stand to the judiciary test. It being a landed property the area and boundaries to be mentioned in the gift deed. Let your father first file partition suit and get his share as per Court order. Get another Court document that is appointing you as legal guardian of your mentally retarded younger brother. Thereafter your father may execute a gift deed and its procedure is as follows:
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Gift Deed – once registred no cancellation
A gift is a money or house, shares, jewellery, etc. that is received without thought, or merely an asset acquired without making a payment against it and is a capital asset for the ‘Recipient.’ It can be as cash or movable property or immovable property.
If you might want to gift the property to any of your blood relatives, Gift deed can be used. In the case of immovable property, it is required to register the Gift Deed as per Section 17 of the Registration Act, 1908.
This kind of transfer is unavoidable. When you gift the assets like land, it belongs to the beneficiary or receiver of the gift and you cannot switch the transfer or even ask money related compensation.
It can be a cost effective method of transferring the ownership.
3. Relinquishment Deed or Release Deed
If there are multiple owners of assets, and if one of the co-owner needs to transfer his/her rights in the property to another co-owner then this can be possibly done through the execution of RELINQUISHMENT DEED.
The property transfer through Relinquishment deed can be for consideration or without consideration i.e. without any exchange of money. Like gift deed, this transfer is also unavoidable.
4. Partition Deed or Settlement Deed
Partition Deed is executed by the co-owners of the land when a court order or order of a local revenue authority has to be implemented.
In the case of Settlement Deed, however, the property is owned by a third person and is settled for individuals who do not have any past interest in the said property and the share of the heir is as per the desires of the settler.
Unlike WILL, Settlement is a non-testamentary report which becomes operative immediately. Will is a testamentary file, which becomes operative after the expiration of its owner. Also, WILL is revocable and can be modified by the testator, whereas Settlement deed is unalterable.
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Section 17 in The Registration Act, 1908
17. Documents of which registration is compulsory.—(l) The following documents shall be registered, if the property to which they relate is situate in a district in which, and if they have been executed on or after the date on which, Act No. XVI of 1864, or the Indian Registration Act, 1866, or the Indian Registration Act, 1871, or the Indian Registration Act, 1877, or this Act came or comes into force, namely:—
(a) instruments of gift of immovable property;
Section 126 in The Transfer of Property Act, 1882
126. When gift may be suspended or revoked.—The donor and donee may agree that on the happening of any specified event which does not depend on the will of the donor a gift shall be suspended or revoked; but a gift which the parties agree shall be revocable wholly or in part, at the mere will of the donor, is void wholly or in part, as the case may be. A gift may also be revoked in any of the cases (save want or failure of consideration) in which, if it were a contract, it might be rescinded. Save as aforesaid, a gift cannot be revoked. Nothing contained in this section shall be deemed to affect the rights of transferees for consideration without notice. Illustrations
(a) A gives a field to B, reserving to himself, with B’s assent, the right to take back the field in case B and his descendants die before A. B dies without descendants in A’s lifetime. A may take back the field.
(b) A gives a lakh of rupees to B, reserving to himself, with B’s assent, the right to take back at pleasure Rs. 10,000 out of the lakh. The gift holds goods as to Rs. 90,000, but is void as to Rs. 10,000, which continue to belong to A.
No Authority Can Cancel Registered Documents: SC [Read Judgment]
The Supreme Court in Satya Pal Anand vs. State of M.P, has held that once the document is registered, it is not open to any authority, under the Registration Act, 1908, to cancel the registration. In the instant case, an application was moved by a person before the Sub-Registrar (Registration) calling upon him to cancel the registration of extinguishment deed executed by the Society cancelling an allotment of plot. Aggrieved by rejection of his application, on the ground that Sub Registrar has no jurisdiction to cancel the registration of a registered document in question, he approached Inspector General (Registration), but in vain....